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• CliffT
  
  

  • Rank: Helper
  • Registered: Mar 30, 2003
  • Last visit: Oct 21, 2009
  • Posts: 683

  Posted: Dec 09, 2004 - 03:38 AM

  Among the fact that 501(c)(3) may not be the best chapter to organize under. My group is organized under 501(c)(6) for example. This is one of those times when it pays to pay -- hire someone who really knows.
  
  Having said that, that's something I have a tendency not to do.

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• CliffT
  
  

  • Rank: Helper
  • Registered: Mar 30, 2003
  • Last visit: Oct 21, 2009
  • Posts: 683

  Posted: Dec 09, 2004 - 03:41 AM

  Hey, I appreciated the hug and the above exchange.

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• Slugger
  
  

  • Rank: Expert
  • Registered: Mar 11, 2003
  • Last visit: Oct 21, 2009
  • Posts: 1104

  Posted: Dec 09, 2004 - 05:16 AM

  CliffT

  Among the fact that 501(c)(3) may not be the best chapter to organize under. My group is organized under 501(c)(6) for example. This is one of those times when it pays to pay -- hire someone who really knows.
  
  Having said that, that's something I have a tendency not to do.

  
  
  It's always a good idea to consider the options in advance and always with expert advice. Vanessa referred to a foundation and donations were specifically mentioned in this thread as well. These imply that the 501 (c) (3) is more appropriate if one wishes to operate as a foundation and if donations are to be tax deductible.
  
  The 501 (c) (6) does have advantages when it comes to the declaration of assets, corporate purpose, and political activities. If the "assets" are just an open source CMS, that is not compelling. If PostNuke is going to participate in lobbying and raising money for political activities, that is compelling.
  
  In fact, many 501 (c) (6) corporations, such as chambers of commerce, have a related foundation organized under 501 (c) (3). The first participates in the political process, the second cannot; however, it is important to point out the importance of keeping these entitites distinct.
  
  Since a corporate organization is in the works, this would be a good time to discuss what Vanessa et al vision- what their goals are and to what purpose "their" new corporation will be dedicated.
  
  As I mentioned, in a 501 (c) (3), contributions are tax deductible. In a 501 (c) (6), they are not. 501 (c) (3) entities can support each other but a 501 (c) (3) cannot support a 501 (c) (6). So, like I wrote in my prior post, many philanthropies and organizations that deliver grants for the benefit of 501 (c) (3) corporations, will not, and cannot, make grants to 501 (c) (6) entities.
  
  Slugger

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